Which Network Mortgage Network Recruitment Performance Figures For The 1st Quarter of 2018gary
The following article and associated table by Which Network is based on the FCA register for the first quarter of 2018. Although deadly accurate at the time of writing, it is written with the usual caveat that there may be slight subsequent irregularities caused through retrospective changes and additions to the register. The table should of course never be used as the primary source of information when choosing a mortgage network, a task which is easier and much safer with input from an independent consultancy; but having said that the information is excellent for illustrating recruitment trends, especially when studied alongside the tables for previous years.
The sector generally remains remarkably stable considering the political flux of the country and the changes in “Buy to Let” taxation rules effectively flattening the BTL market, a problem which will only grow as we approach 2020 and the total withdrawal of tax relief for private landlords. The problem with this strategy of course being that the laws of supply and demand inevitably mean that it will not only reduce the amount of rental property available to people who can’t afford their own homes but it also pushes up the rents of existing rental properties as landlord’s struggle to turn a profit, or in some cases break even?
Meanwhile, within the network community one of the big events of the year so far is that LSL, the owner of First Complete and Pink have combined the two networks and re-branded them as Primis with Toni Smith the networks business operations director commenting to Mortgage Strategy “Following consideration of various naming options, we chose ‘Primis Mortgage Network’. ‘Primis’ is the Latin for ‘First’, which positions our business as the ‘first and foremost’ mortgage network.”. This change has not been reflected in this quarters figures however since as yet there have been no changes to the FCA register reflecting the unification. Interestingly LSL also bought Personal Touch in January, however at this time it has not been amalgamated into Primis.
Moving on to the runners and riders now, once again it can be seen that on an admittedly less than wonderful quarter in terms of recruitment, we have The Right Mortgage Network, with their popular offering and highly effective marketing campaign leading the field with 18 new AR’s showing the biggest increase in both numerical and percentile terms.
In second place we have the Mortgage Advice Bureau with 4 new AR firms and Stonebridge in third place with an increase of 2 AR firms.
Moving on to the lower regions of the table, in numerical terms yet again Sesame have lost the most AR firms following a reduction of 12 firms overall with Julian Harris facing the largest loss in percentile terms via a 7.04% decrease in AR numbers. Second place numerically is First Complete with an overall loss of 9 firms and third place goes to Pink, losing 7 AR firms.
So summing up an overall reduction in AR firm numbers across the 15 networks featured in our research at 0.62% is hardly sparkling, however it bears keeping in mind in these tempestuous times that many other trading areas would be delighted with such a minor adjustment.